BOA RESOURCES LTD — Capital/Financing Update 2016

Sep 26, 2016

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BOADICEA RESOURCES LTD

B o

ASX ANNOUNCEMENT 27 September 2016

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BOADICEA RESOURCES LTD ACN: 149 582 687

Fraser Range - Symons Hill Nickel-Copper Project Exploration Update

ASX Announcement & Media Release

ASX Code: BOA

• Aboriginal heritage survey completed and a drilling program to test high priority geophysical targets located 4 to 9km from the Nova-Bollinger nickel-copper mine to commence in early October 2016.

• Drilling contractor engaged to undertake a program of up to 6,000m of aircore drilling across seven priority targets derived from the recently completed high resolution gravity survey and other proprietary datasets including aeromagnetic and VTEM surveys.

Issued Capital: 45,796,561 Shares Nil Options

Postal Address:

Suite 2, 25 Koornang Road, Carnegie, Victoria, 3163, Australia

Email:

Clarke Dudley – Managing Director cdudley@access.net.au

Phone: +61 3 9569 3467

• Aim of the drilling program is to identify prospective mafic-ultramafic intrusive complex rocks with favourable geochemistry which, as at Nova-Bollinger, may host nickelcopper mineralisation.

Fax:

+61 3 9572 3762

Web:

www.boadicearesources.com.au

Boadicea Resources Ltd (ASX: BOA) is pleased to announce that the required Aboriginal heritage survey over the priority geophysical targets at the Symons Hill Project (E28/1932) at Fraser Range, located 4km from the Nova-Bollinger nickel mine, has been successfully completed and a drilling contractor has been engaged with a start date, subject to weather, of early October 2016.

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BOADICEA RESOURCES LTD

A total of seven priority targets located 4 to 9km along geological strike to the northeast of Nova-Bollinger have been selected for drill testing by the Company’s geophysical consultants utilising the Company’s proprietary gravity, aeromagnetic and electromagnetic datasets (Figure 1).

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Figure 1 - Symons Hill Project - Priority Drill Targets Over Bouguer Gravity Image. Figure Also Shows Relative Position Of the Nova-Bollinger Gravity Anomaly (ML28/376 is not an asset of the Company).

The basis of the upcoming drilling program is that the prospective maficultramafic host rocks for magmatic nickel-copper mineralisation like NovaBollinger are far denser than the enclosing metamorphic rocks. These prospective rocks therefore may be detected geophysically using high resolution gravity surveys where the mafic – ultramafic rocks are expected to be seen as gravity high anomalies. The planned drilling program will involve a series of aircore holes drilled to allow the geological identification of bedrock geology and the collection of geochemical samples for analysis of nickel & copper as well as other “pathfinder” elements which may indicate fertile

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mafic-ultramafic geology warranting additional deeper drilling or other investigations.

Once commenced, the drilling program is expected to take approximately 3 weeks to complete with the results available 3-4 weeks after that.

The Company will make a further announcement once drilling has commenced.

Contact Information

For further information, please contact

Clarke Dudley Managing Director Tel: (03) 9 569 3467

Competent Persons Statement:

The information in this Announcement that relates to Exploration Results was compiled by Mr Simon Rigby, who is a part time consultant to the Company and a Member of the Australian Institute of Geoscientists. Mr Rigby has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’. Mr Rigby consents to the inclusion in the Report of the matters based on his information in the form and context in which it appears.

Disclaimer:

Information included in this release constitutes forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue” and “guidance” or other similar words, and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.

Forward looking statements inherently involve known and unknown risks, uncertainties and other factors that may cause the company’s actual results, performance and achievements to differ materially from any future results, performance or achievements. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves, political and social risks, changes to the regulatory framework within which the company operates or may in the future operate environmental conditions including extreme weather conditions, staffing and litigation.

Forward looking statements are based on the company and its management’s assumptions made in good faith relating to the financial, market, regulatory and other relevant environments that exist and effect the company’s business operations in the future. Readers are cautioned not to place undue reliance on forward looking statements.

Forward looking statements are only current and relevant for the date of issue. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, in providing this information the company does not undertake any obligation to publicly update or revise any of the forward looking statements or advise of any change in events, conditions or circumstances on which such statement is based.

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